The Securities Commission (SEC) opens fire on this is not a ruble! Powered by

The Securities Commission (SEC) opens fire on this is not a ruble! Powered by
The Securities Commission (SEC) opens fire on this is not a ruble! Powered by – The US Securities and Exchange Commission (SEC) has sent a notice to Grayscale Investments, announcing that it is considering considering the FIL token, the cryptocurrency project’s original asset, as an asset.

Grayscale stated that he received notification yesterday from the US Securities and Exchange Commission that Filecoin’s original asset, FIL, has been recognized as an asset by the regulator.

The investment firm received this notice earlier this year in connection with the launch of its investment product called Grayscale Filecoin Trust. The company also filed a notice with the Securities and Exchange Commission about its new product after launching an investment product indexed with the symbol FIL. In response to this request, the SEC said that FIL is classified as an asset under the federal securities laws and that the cryptocurrency-related fund should be stopped.

Grayscale responded that they expect a more realistic explanation on the grounds that this SEC response is not legally supported. Laps Protocol, the developer of the Filecoin project, has not issued any statement on the matter.

Thus, the SEC appears to have opened a new front in its battle against the cryptocurrency industry by finally targeting Filecoin. Grayscale, on the other hand, responded negatively to the cancellation request, but if the company fails to convince the SEC, it may have to liquidate the fund to avoid further penalties.

The SEC wants to classify non-crypto assets as securities

In its previous statements, the SEC has articulated the idea that crypto assets other than bitcoin should be regulated in the securities category. Following this statement, it appears that the SEC continues to treat every application regarding cryptocurrency from this perspective.

The Securities and Exchange Commission (SEC) also evaluates whether a financial asset is a security using the Hawaii test. Accordingly, if money is invested in a company with the expectation of profit from its operations and the company issues an asset in return, this is defined as a security. In the case of Filecoin, the protocol uses the FIL token as a means of payment for data storage services. Therefore, Grayscale sought a legal basis from the Securities and Exchange Commission on the grounds that the asset did not comply with the securities standard.

The FIL code has had limited response to the development of the SEC’s definition of securities. The cryptocurrency, which fell by 5% after the news, recovered within a few hours and returned to the pre-news price level of 4.6. FIL is swinging in the range of $4.55 – $4.6 while continuing sideways today.

On the other hand, it is estimated that the securities lawsuit filed by the SEC, which has been going on for 2.5 years, is over. For the final decision in the case, it was decided to make public Hinman’s records, which are not securities. This development has been welcomed on the Ripple front.

Written by: Gunay Kaymaz